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St. Paul › Payne – Phalen

716 Rose Ave E

Duplex · 2 units: 3 bed / 1 bath ×2 unit split estimated · 1,167 sq ft

Saint Paul, MN · Payne – Phalen (Railroad Island) · View the listing ↗

Cash flows
2 photos
716 Rose Ave E, photo 1
1 / 2
716 Rose Ave E, photo 2
2 / 2

Photos, via Realtor.com.

Asking price
$179,900
2 units · $90K per unit
Monthly cash flow
$493
at 20% down, 7%
Estimated rent
$3,200/mo
medium confidence
Break-even price
$272,457
where cash flow hits $0

Adjust the numbers See the full breakdown

First look

This is a fire-damaged rehab, not a rental. It sits on St. Paul's Vacant Building registry as Category 2, and the sale is cash-only and as-is. The underwriting shows $493/mo cash flow and a 9.7% cap rate, but that assumes a finished, rented building at today's price. It ignores rehab cost, holding costs and the code-compliance work. Photo 2 shows new windows going in, exposed conduit and an unfinished exterior, so the work is visibly mid-stream. Before a showing, get the city's compliance plan, the permit and inspection status, and a contractor's estimate. It's only worth a look if you can price the full rehab and you have cash.

Things to consider

  1. Total cost is unknown Price plus rehab, holding costs and code compliance decides whether this works. The underwriting figures don't include these.Listing says: “Bring your ideas and complete the renovation to unlock this property's potential.”
  2. Category 2 vacant building status The city must approve the sale and a compliance plan, which adds time, cost and deadlines.
  3. Cash-only purchase Capital is tied up through the rehab. A refinance after completion is a possibility, not a given.Listing says: “Cash offers only.”
  4. Rent licensing and rent estimates No rental license is on file, so you'd need to obtain one before collecting rent. Estimated rents are modeled, not actual.
  5. Taxes and assessments are high against value Taxes of about $5,950 as non-homestead plus $432 in assessments weigh on cash flow.

From the photos

Listing photo 2
1 of 6Check

Exterior is mid-renovation: new vinyl siding and windows with tape and flashing still visible on the rear

Listing photo 2
2 of 6Check

Exposed metal conduit and a new meter/panel on the exterior wall suggest electrical was redone, but it needs inspection sign-off

Listing photo 2
3 of 6Concern

Roof edge at the upper right appears to have exposed or damaged sheathing/fascia, possibly from the fire

Listing photo 2
4 of 6Concern

Foundation base appears to have dark stone or block with boarded openings and debris at grade

Listing photo 1
5 of 6Check

Front shows asphalt shingles and an enclosed porch with older siding; condition looks fair but roof age is unknown

Listing photo 1
6 of 6Check

No interior, kitchen, basement or mechanical photos, so fire damage and the actual condition are not visible

Based on 2 of the listing photos. Photos can hide as much as they show; an inspection is the real answer.

Condition and repairs

  • neededHeating/HVAC work remains to be completedListing says: Heating/HVAC work remains to be completed.
  • neededFinal inspections on electrical and plumbingListing says: Electrical and plumbing work is substantially completed and awaiting final inspections.
  • neededFire damage clean-out and interior renovationListing says: Bring your ideas and complete the renovation to unlock this property's potential.
  • doneInterior clean-out of fire-damaged materialsListing says: substantial interior clean-out, including removal of fire-damaged materials

AI-assisted first read of the listing description and photos (Claude), checked against public records. Every rent and repair above quotes the listing; verify with the agent, leases and an inspection.

The numbers

Down payment %
Offer $
Management
Interest rate %
Edit rents, costs and assumptions

Default: 20% down (no PMI), offer at asking, self-managed, 7.00% for 30 years, buyer pays closing costs (3%).

The deal

Price
$179,900
Cash to close
$41,377
Price per unit
$89,950
GRM
4.7

Each month

Cash flow
$493/mo
Cash-on-cash
14.3%
Cap rate
9.7%
DSCR
1.51×

Break-even

Price that breaks even
$272,457
Rent that breaks even
$2,534/mo

Long run

Year 30: property vs stocks
$1.50M vs $315K
Cash flow turns positive
year 1

Monthly

Monthly breakdown

Rent$3,200
Vacancy (6%)−$192
Collected$3,008
Property tax Public record−$496
Insurance Estimate−$192
Water, sewer, trash Estimate−$170
Lawn care ($120 × 6 mo ÷ 12)−$60
Repairs (10% of rent)−$320
Capital reserve (10% of rent)−$320
Net operating income$1,450
Mortgage (principal + interest)−$958
Cash flow$493
Principal paid down (equity, not cash)$122

Cash flow each year

Rents +3%/yr (St. Paul's cap for sitting tenants), costs +3.5%/yr. Red bars are months you'd cover out of pocket.

30 years

How those totals add up

If you buy this building$1,496,257
Your equity when you sell
$410,465

Sells for $436,665 (value up 3% a year), minus 6% selling cost ($26,200). Rent paid down $143,920 of loan.

Rental profits, invested at 7%
$1,085,792

$438,608 of cash flow over 30 years, plus what it earned invested.

Same money in stocks$314,972
Cash to close, invested at 7%
$314,972

$41,377 put into an index fund instead of the down payment and closing costs.

The building comes out $1,181,285 ahead after 30 years.

Future dollars. At 3% inflation, divide year-30 figures by about 2.4 for today's buying power. Rental profits are assumed invested, not spent.

30 years: this property vs. the same money in stocks

This propertyStocks at 7%

Year 30 (loan paid off): property $1.50M, stocks $315K. The property wins.

Comparable rentals

Nearby rentals RentCast matched to each unit type, as of 2026-10-02. The estimate above is RentCast's, weighted toward the closest matches.

3 bed / 1 bath estimate $1,600/mo · range $1,375–$1,850

AddressRentBd / BaSq ftDistanceListedMatch
685 Magnolia Ave E, Saint Paul 55106 off market $1,600 3 / 1 1,100 0.2 mi 2026-06-12 98%
1051 Arkwright St, Saint Paul 55130 off market $1,795 3 / 1 1,200 0.7 mi 2026-03-04 98%
1199 Burr St, Saint Paul 55130 off market $1,320 3 / 1 1,112 0.5 mi 2026-06-11 98%
586 Reaney Ave E, Unit 586U2, Saint Paul 55130 $1,614 3 / 1 1,100 0.9 mi 2023-06-04 97%
691 Bedford St, Unit A, Saint Paul 55130 $2,052 3 / 1 1,050 1.1 mi 2025-09-24 96%
786 7th St E, Saint Paul 55106 off market $1,599 3 / 1 1,300 1.1 mi 2026-06-22 96%
868-870 Westminster St, Saint Paul 55130 off market $1,295 3 / 1 1,000 1.0 mi 2025-07-14 95%
835 Margaret St, Saint Paul 55106 off market $1,595 3 / 1 1,000 1.1 mi 2026-03-02 95%
868 Margaret St, Saint Paul 55106 off market $1,299 3 / 1 950 1.1 mi 2026-01-15 94%
Ross Ave, Unit 1090, Saint Paul 55106 $1,910 3 / 1 — 1.1 mi 2026-09-02 92%

On the maps, this property and comparable rentals. Comparable rentals and rent estimate: RentCast. Rents are asking rents from listings; check them against the actual leases.

Red flags and opportunities

Watch for

  • highOn the city's Vacant Building registry (Category 2). In St. Paul, Categories 2 and 3 can't be sold or occupied without city approval and a code-compliance plan. Public record: St. Paul Vacant Buildings registry: 716 ROSE AVE E, Category 2, vacant as of 08/12/2024
  • highFire damage with unknown structural extent; remaining code-compliance requirements are open-ended Listing says: This fire-damaged property has undergone substantial interior clean-out · AI review
  • highCash only, so no financing and a smaller buyer pool; rehab and holding costs come on top of the price Listing says: Cash offers only. · AI review
  • mediumNo rental certificate (CofO) on file in the city's data. Ask whether the building is licensed as a rental and when it was last inspected. Public record: St. Paul Certificate of Occupancy – Residential: no record for 716 ROSE AVE E (dataset last updated mid-2025)
  • mediumSold as-is: the seller won't fix what the inspection finds. Price that in. Listing says: "Code Compliance requirements and is being sold strictly AS-IS . Cash offers only. Bring your ideas and"
  • mediumElectrical and plumbing are not yet signed off; failed inspections could mean rework Listing says: awaiting final inspections · AI review
  • mediumUnderwriting cash flow assumes a finished, rented building; it excludes rehab cost and months of vacancy Based on: data: underwriting · AI review
  • mediumListed 6 bed on 1,167 sq ft for two units; the bedroom count looks doubtful and may not be legal Based on: data: listing.sqft · AI review
  • low$432 in special assessments on the payable 2026 tax bill (often street, sewer or code-enforcement charges). Ask what they're for, whether they continue, and whether the seller pays them off at closing. Public record: Ramsey County parcel 292922110057: special assessments (payable 2026) = $432.50
  • lowChanged hands in Jan 2025; the county record doesn't show a price. Ask what the seller paid and what changed since. Public record: Ramsey County parcel 292922110057: last sale 2025-01-24

Opportunities

  • Rents estimated around $1,600 per 3-bed unit; if the rehab comes in under budget, the price may leave room Based on: data: rent_estimate · AI review
  • New windows and new wiring/plumbing already underway may reduce the scope of remaining work Based on: photo 2 · AI review
  • A Category 2 sale is a distressed situation, so there may be room to negotiate Listing says: Property is subject to City of St. Paul Category 2 Code Compliance requirements · AI review

Questions for the agent

  • Can you share the city's Category 2 code-compliance letter and the list of open items?
  • Which permits are open, and when are the electrical and plumbing final inspections scheduled?
  • What was the cause and date of the fire, and is there an insurance or fire report?
  • What heating system is planned, and was any of it started or purchased?
  • Is the structure sound? Has an engineer looked at it?
  • Will the building be licensed as a two-unit rental once complete, and what is the deadline to finish?

Bottom line

A cash-only fire-damaged rehab on the Vacant Building list: the 9.7% cap rate means nothing until you've priced the full rehab and the city's compliance deadline. AI-assisted summary

What the records say

Where each number comes from

Property tax / yr Public recordRamsey County record, payable 2026 (non-homestead)$5,954
Insurance / yr Estimateestimate. from units, square feet and age; get a quote$2,301
Water, sewer, trash / mo Estimateestimate. $85/unit/mo, owner-paid$170
Heat / mo Assumptionassumption. tenants pay heat; confirm with the agent$0
Lawn care / mo Assumptionassumption. $120/mo for 6 months, spread over 12; no snow removal$60
Repairs / capital reserve Rulerule. built 1908: +1 pt capital reserve; "as-is" in the description: +2 pts each10% / 10%

Price history Realtor.com

On the market since 2026-09-04 (31 days); last sold for $90,000 on 2010-04-26.

DateEventPrice
Listed$179,900
Sold$90,000
Listed$84,900
Sold public record$149,500
Sold public record$109,000

County record Public record

Recorded astwo family dwelling - up/dwn
Living units2
Year built1908
Market value (2026)$164,800
Property tax, payable 2026$5,954
Special assessments$432
Homesteadno
Last sale2025-01-24

Source: Ramsey County parcel records.

City rental certificate (CofO)

No record in St. Paul Certificate of Occupancy – Residential (dataset last updated mid-2025).

Nearest highway

I 35E;US 10, about 1443 m away.

Crime in Payne – Phalen

1,695 incidents in the last 12 months (51 per 1,000 residents), −10% vs. the year before. St. Paul police incidents, excluding proactive visits and community events.